DALDelta Air Lines, Inc.
Options Analysis Report•AIR TRANSPORTATION, SCHEDULED
Market Cap $47.1B|NYSE
● 2026-04-17$71.72
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +81.7%YTD +3.9%7D +5.8%
Options Vol
37,244
30D
Implied Move
±12.6%
IV Rank
37%
DAL Options Overview
IV is elevated. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 74.7% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.02x — IV ≤ HV
Sector Relative≤50%
Sector percentile 83% — above sector median
Term Structure
<1.1xFront/Back 1.09x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 44.4% — normal range
Spread-Adjusted Value
<80%Effective IV 68.9% (ATM 44.4% + spread 12.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 17.49% (spread 12.26% + slippage 5.23%) — high friction
Vega Efficiency
≥5.0Vega efficiency 14.57 (vega 17.858 / spread 12.26%) — efficient
Sentiment
Bullish or bearish?
4.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -1%, Raw: -0%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -1% (neutral) — Raw: -0%
OI Skew Magnitude
≥15%|OI skew| 5.1% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -29.1%, OI skew +5.1% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 32%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -52%, ATM: -4%, OTM: +3% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 81% — very bearish vs sector
Activity
Unusual activity?
4.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.4x avg — normal
Turnover Rate
≥15%Vol/OI 5.0% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +9.3% (5d) — building
Sector Relative≥60%
Sector activity percentile 56% — neutral vs sector
Trade Quality
≥30%Large trade volume 36% — institutional presence
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction -1 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 12.3% — wide
Adequate OI
≥10,000OI 748,622 — deep
Active Volume
≥500Volume 37,244/day — active
Reasonable Cost
≤$0.50$0.61 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 84% — much wider than sector
Order Book Depth
≥100 contractsDepth 317.7 contracts (bid:176.7 ask:141.0) — adequate
Execution Quality
<1.0%Avg slippage 5.23% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +9.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 75% — seller opportunity
Event Detection
≥10pts kinkIV kink 3.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 671.35 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -1% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 66 (ITM 20% + inst 36%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts5.6
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call5.4
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.